News

Xrp Price Surges, Will It Flip the Previous Resistance Into Support?

Highlights

    XRP price recovers after a drastic plunge below $0.4 levels

    The bulls attempt very hard to take-off the key resistance levels to smash the yearly highs

The XRP price, since the latest pump, appears to have lost track as the trend showcases no bullish momentum. However, the current price chart suggests, a significant breakout may be fast approaching in the coming hours. 

The XRP bulls are all set to pump the price to cross the strong resistance levels around $0.47 which is a crucial hurdle as per an analyst, TOP AIM STOCKS

As per the analyst, the current gained momentum suggests a pretty decent recovery which might assist to uphold from the three-week old support levels around $0.395. Also the 4-hour XRP chart suggests a probable V-shaped recovery, which may rally the price close to its lost levels.

On the other hand, an analytics platform WhaleAlert which records some big and interesting transactions put out a tweet. According to the tweet, nearly 500 million XRP worth nearly $206 million has been unlocked from the Ripple Escrow wallet. Therefore, as a result, the price may experience a pullback yet another time.

Also Read: Top 5 Reasons XRP Could Hit $1 This Year

XRP Price Analysis

The price experienced a steep dip during the previous trading day, where-in the price plunged from $0.45 to as low as $0.38. Regaining the bullish momentum, the price entered the recovery phase in the early trading hours.

The price is, however, on the verge of smashing the neckline of the probable inverted head and shoulder pattern. Once the neckline of the pattern is broken successfully which is trending around the current levels at $0.42989, a significant breakout is imminent.

ripple h n s

At the time of writing, the XRP price is $0.4255 with a jump of nearly 3.70% in the last 24 hours. 

Technical Specifications:

  • The resistance levels stand initially at $0.45 and later at $0.48
  • The support levels are around $0.39
  • The indicators for XRP price are currently neutral

Also Read: XRP Price to Keep Swelling Despite Ripple – SEC Standoff!

Tags
Show More

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button
Close
Close